Australia

AML / KYC

Westpac Expects to Pay A$900m Over AML Breaches

By Editors | 14/04/2020

While the bank expects to make a provision of A$900mn over AUSTRAC’s claim, it says the actual penalty may be materially higher or lower than this amount.

Enforcement

ASIC Shifts Focus to Ensure Market Integrity, Protect Consumers

By Editors | 14/04/2020

Covid-19 has raised the risk of significant consumer harm and serious breaches of financial services laws, says ASIC chair James Shipton.

Australia Commences Coronavirus SME Guarantee Scheme

By Editors | 12/04/2020

The 50% government guarantee under the scheme enables lenders to offer loans to SMEs “cheaply and more freely compared to ordinary business loans”.

New Zealand: Mortgage Deferrals Will Not Impair Credit Ratings

By Editors | 10/04/2020

Banks have agreed with credit reporting agencies that customers who defer mortgage repayments due to Covid-19 will not have their credit ratings downgraded.

Enforcement

UPDATED – ASIC Commences Legal Proceedings For False Advertising

By Editors | 09/04/2020

ASIC alleges that companies in the Mayfair 101 Group promoted debenture products to wholesale investors using phrasing that falsely implied they were comparable to bank term deposits.

AML / KYC

HSBC Reports Possible AML Breaches at Australian Subsidiary

By Editors | 08/04/2020

Where appropriate, provisions have been made against possible penalties for underreporting of cross-border transactions and other investigations, reviews and inquiries that may involve the bank.

Enforcement

Australia: 10yr Jail Term Imposed for Superannuation Misappropriation

By Editors | 08/04/2020

The director of a group of companies used A$1.2mn from self-managed superannuation funds intended for property investments to “fund a lavish lifestyle”.

APRA Suspends Issuance of New Licenses

By Editors | 08/04/2020

Given the challenges new entrants face even under normal economic conditions, APRA does not consider it prudent to license new entities for at least the next six months.

Market Infrastructure

ASIC, APRA Offer Best Practice Recommendations on LIBOR Transition

By Editors | 08/04/2020

ASIC, APRA and the RBA warn that a failure to transition to alternative reference rates could lead to significant reputational, operational and legal risk and disrupt financial markets.